Statutes, codes, and regulations
South Dakota Codified Laws
Title 32 - MOTOR VEHICLES
Chapter 5 - ANNUAL REGISTRATION AND LICENSE PLATES
Section 32-5-128 - Exemption from excise tax for motor vehicles leased to tax exempt entities

S.D. Codified Laws § 32-5-128

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Current through the 2024 Legislative Session
Section 32-5-128 - Exemption from excise tax for motor vehicles leased to tax exempt entities

Any motor vehicle purchased by a lessor that is to be leased for more than twenty-eight days by an entity exempted in §§ 32-5-42 and 32-5-42.1 is exempt from the excise tax levied by §§ 32-5B-1 and 32-5B-1.1. If the lease is terminated and the motor vehicle is subsequently leased to a nonexempt entity, tax shall be assessed unless otherwise exempted.

SDCL 32-5-128

SL 1994, ch 243.